On Our Way to Endless Opportunity On Our Way to Endless Opportunity | Page 9

Core activities in any economic development program should include
What is
economic
development?
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Business attraction
Business retention
Business nurturing
Business advocacy
Community development
Communications and relationship building
In its basic form, economic development is a collaborative process to create
jobs and wealth to improve the quality of life. However, it must be noted
that economic developers do not create jobs or wealth, they assist
business and industry to create the investment and job creation in
their communities.
Economic Development is an investment, not an expense. It is a long-term
process, and patience must be shown, as results are not immediately visible.
This strategy includes a number of measurements to measure activity and
ensure actions are meeting intended results.
Why is
economic
development
important?
It is becoming extremely difficult for communities to remain sustainable, especially
during tough economic times that have been experienced in Alberta the past few
years. Many North American studies have estimated the costs for municipalities
to provide services for residential properties are far greater than the tax revenues
the municipality can collect from these residential assessments. On one hand,
the costs to provide municipal services to commercial and industrial properties
is far less than the tax revenues generated from these properties. In other
words, commercial and industrial development helps subsidize the amenities
and services required by residents in the community. On the other hand, the
residential developments provide a source of labour to the businesses. To be
sustainable, it is important to achieve balanced growth, a good mix of residential
and non-residential development.
Everyone has a role to play in economic development: councillors, administrators,
economic development staff, business organizations and agencies, federal and
provincial departments, and, most importantly, local community and business
leaders.
Who should
be involved
in economic
development?
Elected officials set the policies and regulations that are supportive of
growth – and provide the necessary budget allocations to support economic
development activity.
Municipal Staff are responsible for enacting policies and regulations to support
“business friendly” perceptions in the community. Municipal departments
(particularly Economic Development and Planning) are typically the first contact
investors have with a community. A positive first impression goes a long way in
securing business investment.
Business groups and organizations (such as business networks, Chambers
of Commerce, etc.) support new and existing business through mentoring,
advocacy, business to business purchases and can serve as a source of leads
for potential new business investment.
9 | On Our Way to Endless Opportunity: An Economic Roadmap